Skadden bags Egyptian govt

Skadden Arps Slate Meagher & Flom has secured the government of Egypt as a new client after winning a beauty parade against the likes of Linklaters and Latham & Watkins.

Skadden, led by James Healy, represented the Arab Republic of Egypt and the state-owned Egyptian General Petroleum Corporation (EGPC) on a $1.55bn (£860m) oil-linked financing earlier this year.

It has since secured further work in Egypt, advising the Egyptian Ministry of Finance on the issue of a $2bn (£1.12bn) sovereign bond guaranteed by the US Treasury. The two instructions signal a new opening for Skadden advising the Egyptian government. The firm has previously been active in Egypt, although mostly on energy project finance deals.

Despite Skadden winning the lead role to represent EGPC, Latham & Watkins, led by Joseph Blum and Christopher Hall, still managed to secure a role advising Morgan Stanley as global coordinator and structuring adviser.

Clifford Chance, led by New York partner Lewis Cohen, acted for the monoline insurers.